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More synthetic securitisation expected in Singapore in 2003

Mia Trinephi

08 Jan 2003

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“The Singapore securitisation market has outperformed our initial expectations, not only in terms of the number of transactions completed, but also in the complexity of the structures,” Lam said in a report. “In 2002, Standard & Poor’s had one of the most active years in Singapore and rated four transactions, with volumes totalling nearly US$1.7 billion.”

According to Lam, 2003 “should be a good year, building on last year’s developments”. The growth of managed arbitrage CDOs is likely to continue, with a number of asset managers looking at following the steps of UOB Asset Management, which closed two transactions last year, she added.

Singapore institutions could also look at synthetic residential mortgage-backed securities (RMBS) as a way to transfer risk and to manage their mortgage portfolios more efficiently. Lam noted that “synthetic RMBS would be a good fit for Singapore”.

Synthetic collateralised loan obligations could also be popular among Singapore banks seeking free-up capital to expand geographically or to develop new businesses, Lam said.